A shortage of fuel oil used in ?ships ?and power plants looms in the third quarter ?as refiners increasingly squeezed by wars that have disrupted both crude processing and tanker traffic prioritise output of diesel and ?other products at its expense. While crude oil has avoided major price spikes in recent months, refined product prices have soared as strikes damage refineries in Russia and the Middle East and ?curbs on ship traffic choke flows. China has ?also cut refining capacity and exports to avoid burning stocks.